Daily News: April 30, 2015

Newtek Hires Taylor as President/COO

Newtek Business Services hired Gary T. Taylor as president and COO of Newtek Business Credit, a wholly owned portfolio company providing receivable financing, revolving credit lines and billing management services.

Most recently, Taylor was the managing director and COO at CIT Bank Small Business Lending where he managed the department engaged in loan underwriting and processing, servicing and business analysis reporting. He also managed loan sales and the securitization process for more than $200 million of assets. Prior to that, Taylor was SVP and chief credit Officer at Lehman Brothers Bank where he oversaw all elements of credit risk and evaluated assets for securitizations that comprised of commercial and residential mortgage-backed securities and other asset-backed classes. Taylor spent more than 10 years at Moody’s Investors Service as a VP where he assessed credit, legal and structural risks inherent to asset-backed securities involving consumer and commercial credit, and assigned appropriate ratings. He was also a frequent speaker at industry conferences and events during his tenure at Moody’s Investor Service. Taylor spent more than five years as SVP of credit and operations business finance division of AT&T Capital, where he directed the credit and operations group of a rapidly growing small business lender. While at AT&T Capital, he also developed and implemented business-oriented credit policies and procedures to effectively manage risk while steadily increasing volume. Earlier in his career, he held senior positions at FDICResolution Trust, The First National Bank of Chicago and The Chase Manhattan Bank.

Barry Sloane, president, chairman and CEO of Newtek Business Services, commented, “We are pleased to announce the addition of such a seasoned executive as Gary Taylor to our senior management team as president and COO of Newtek Business Credit. With over 30 years’ of experience in the areas of credit, lending, and finance at entities such as CIT Group, Lehman Brothers, Moody’s and AT&T Capital, we expect he will make a significant contribution to our anticipated near-term expansion of Newtek Business Credit’s financing activities into areas of inventory finance, health insurance receivables and SBA 504 loans. Gary joining our senior management team is yet another example of how we are shaping our organization with the best talent and expertise to expand our recognition and growth as a BDC.”